Capri Holdings Ltd, a US-based global fashion luxury group, reported 178 per cent revenue growth to $1,253 million in first quarter (Q1) of FY22 with all three of its iconic brands Versace, Jimmy Choo and Michael Kors, exceeding the revenue expectations. Following better than expected performance, the company has raised its FY22 revenue forecast to $5.3 billion.
Capri Holdings Ltd, a US-based global fashion luxury group, reported 178 per cent revenue growth to $1,253 million in first quarter (Q1) of FY22 with all of its iconic brands Versace, Jimmy Choo and Michael Kors, exceeding the revenue expectations. Following better than expected performance, the company has raised its FY22 revenue forecast to $5.3 billion.#
Gross profit for the quarter ended on June 26, 2021, rose to $856 million ($302 million), while income from operations surged to $258 million ($162 million). The company’s net income improved to $219 million (loss: $180 million).
Capri Holdings Ltd, a US-based global fashion luxury group, reported 178 per cent revenue growth to $1,253 million in first quarter (Q1) of FY22 with all of its iconic brands Versace, Jimmy Choo and Michael Kors, exceeding the revenue expectations. Following better than expected performance, the company has raised its FY22 revenue forecast to $5.3 billion.#
"We were pleased by our first quarter performance which reflected the strength of Capri Holdings' three global fashion luxury houses, Versace, Jimmy Choo and Michael Kors. All of our luxury houses significantly exceeded our revenue and earnings expectations for the quarter, as they continued to deepen consumer desire and engagement,” John D Idol, chairman and chief executive officer at Capri Holdings, said in a press release.
Capri Holdings Ltd, a US-based global fashion luxury group, reported 178 per cent revenue growth to $1,253 million in first quarter (Q1) of FY22 with all of its iconic brands Versace, Jimmy Choo and Michael Kors, exceeding the revenue expectations. Following better than expected performance, the company has raised its FY22 revenue forecast to $5.3 billion.#
With growth across all the regions and channels along with triple digit rise in e-commerce sales, revenue of Versace jumped 158 per cent to $240 million, while Jimmy Choo’s revenue escalated 178 per cent to $142 million. The largest contributor Michael Kors revenue in Q1 FY22 expanded 184 per cent to $871 million.
Capri Holdings Ltd, a US-based global fashion luxury group, reported 178 per cent revenue growth to $1,253 million in first quarter (Q1) of FY22 with all of its iconic brands Versace, Jimmy Choo and Michael Kors, exceeding the revenue expectations. Following better than expected performance, the company has raised its FY22 revenue forecast to $5.3 billion.#
“Looking forward, we are confident in the growth opportunities for Versace, Jimmy Choo and Michael Kors as the world continues to recover from the impact of the global pandemic. As we execute on our strategic initiatives, Capri Holdings is positioned to deliver multiple years of revenue and earnings growth,” Idol concluded in the release.
Fibre2Fashion News Desk (JL)
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